Kansas § 9-587 - Surety bond or other required security
Full text of Kansas Kansas Statutes Annotated § 9-587 — Surety bond or other required security, with citation guidance and answers to common questions.
§ 9-587. Surety bond or other required security
9-587. Surety bond or other required security. (a) An applicant for a money transmission license shall provide and a licensee at all times shall maintain security consisting of a surety bond in a form satisfactory to the commissioner or, with the commissioner's approval, a deposit instead of a bond in accordance with this section.(b) The amount of the required security shall be:(1) The greater of $200,000 or an amount equal to 100% of the licensee's average daily money transmission liability in Kansas calculated for the most recently completed three-month period, up to a maximum of $1,000,000; or(2) $200,000, if the licensee's tangible net worth exceeds 10% of total assets.(c) A licensee that maintains a bond in the maximum amount provided for in subsection (b) shall not be required to calculate its average daily money transmission liability in Kansas for purposes of this section.(d) A licensee may exceed the maximum required bond amount pursuant to K.S.A. 2025 Supp. 9-589, and amendments thereto.(e) This section shall take effect on and after January 1, 2025.History: L. 2024, ch. 64, § 33; July 1.
Frequently Asked Questions About Kansas § 9-587
What does Kansas Statutes Annotated § 9-587 cover?
Section 9-587 ("Surety bond or other required security") is part of the Kansas Statutes Annotated, the codified statutory law of Kansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Kansas § 9-587?
A common citation format is "Kansas Statutes Annotated § 9-587" (Kansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Kansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Kansas official source linked on this page or consult a licensed Kansas attorney.
How does Kansas § 9-587 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Kansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Kansas.